Take AI courses, the job market needs you – interview with Finance Partner’s CEO on Business Start, Bloomberg TV

Finance Partner’s founder and CEO, Ivaylo Slavov, emphasized on the importance of artificial intelligence (AI) education for everyone during his appearance on the morning show “Business Start” on Bloomberg TV, hosted by Hristo Nikolov on January 23, 2024. He highlighted that understanding AI is crucial for grasping future trends and recognizing its impact on global economies.

Slavov pointed out that AI will play a significant role in employee recruitment, assisting in candidates research. However, he noted that it is still too early to rely on AI-led interviews, as current AI technology cannot accurately assess candidate’s motivation, which is a critical factor for companies.

“We are observing a normalization of labor among IT and BPO companies in our country,” Slavov said. “The rapid growth seen in the last decade is slowing down, and this year is expected to see weaker growth.

The global economic crisis has influenced companies’ project planning, impacting export-oriented sectors in Bulgaria. Slavov noted that wars disrupt supply chains, while digitalization and AI transformation replace purely automatic and repetitive jobs, increasing the demand for creative and innovative individuals.

“In my opinion, all industries in crisis have slowed down part of their digital investments. We hear every day how Bosch is laying off people from their digital departments. It first started with big international software companies like Microsoft, Amazon, and Oracle—all began layoffs at the beginning of last year,” shared Slavov. “This whole transformation towards AI and new digital technologies indicates a decrease in traditional services, freeing up people in those areas. Conversely, there is a tremendous demand for talent in areas related to AI, electric vehicles, and the new reality. Balancing these changes will take time, requiring a longer adaptation period this year and next.” he continues.

Slavov advises anyone seeking future development in the IT and BPO sectors to take AI courses and understand their economic impact. “I advise everyone. I have already gained several certificates myself. It is super interesting and important to understand where the future is going.”

Artificial Intelligence is also making its way into the HR industry, with technology being used for recruitment. Slavov explained that combining traditional methods like CVs and cover letters with AI research will provide the best insights into job applicants. However, fully AI-conducted interviews are still a distant prospect, as the technology struggles to analyze human motivation—a crucial element for companies.

Key Questions Addressed in the interview:

• How will AI be used in recruitment?

• Is there an opportunity for AI education in secondary schools?

• How can Bulgaria attract and integrate talent from abroad?

• What does the leveling of net income for Bulgarian IT specialists say about the country’s competitiveness?

Watch the full interview here.